Regulatory Alerts2009-04-20 | 2009-1Added
Assessment of Civil Money Penalty Against Doha Bank, New York Branch
The Financial Crimes Enforcement Network assesses a civil money penalty of $5,000,000 against Doha Bank, New York Branch for violating the Bank Secrecy Act. The Branch failed to implement an adequate anti-money laundering program, including insufficient internal controls and independent testing, and filed 610 late suspicious activity reports involving approximately $7.4 billion in transactions. These violations occurred between May 1, 2004, and January 16, 2007, resulting in delayed reporting that impaired law enforcement's ability to receive timely information.
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